Hero MotoCorp expects two-wheeler industry to see double-digit growth in FY23
The Hindu
New Delhi
The country’s largest two-wheeler maker Hero MotoCorp said it expects the two-wheeler industry to bounce back in the current fiscal with economic activity picking up and high grain prices augmenting rural incomes.
With macro economic indicators looking positive, the company expects industry to grow in double digits in the current financial year.
“The macro indicators are really looking good, the GST collection we have all seen is all-time high in April, the e-way bills have picked up, I would say all sectors of the economy have opened up,” Hero MotoCorp CFO Niranjan Gupta said in an analyst call.
Grain prices are high, they are augmenting rural income, the monsoon forecast is decent, and so on and so forth, and it is clearly evident also that while COVID may not have gone away, everyone has learned now to get on with their livelihoods and hence the consumer confidence and spending are bouncing back easily and actually solidly, he noted.
“Already, we are seeing signs in April and we have no reason to believe why the two-wheeler industry cannot grow double-digit in FY2023,” Mr. Gupta stated.
Commenting specifically on the growth prospects of the company, he said: “We will have multiple products and variant launches in the fiscal and added with all the actions already taken, we are confident of gaining market share and hence growing ahead of the industry.”
For the 2021-22 fiscal, Hero MotoCorp reported a consolidated profit of ₹2,329 crore, down 21% from ₹2,936 crore in 2020-21. Revenue from operations dropped to ₹29,551 crore from ₹30,959 crore in FY21.
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